Coinbase Receives Federal Trust License in the USA

The American cryptocurrency company Coinbase has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the federal trust bank Coinbase National Trust Company. According to the regulator's registry, the licensing was completed on November 6, 2026. The company publicly announced this on November 9.

The new entity will primarily engage in fiduciary custody of digital assets for institutional clients. This means Coinbase will be able to develop this business area under the direct federal oversight of the OCC.

The approval was granted to a subsidiary of Coinbase, not to the cryptocurrency exchange as a whole.

Services Coinbase National Trust Company Will Provide

The main activity of the new trust bank will be the custody of digital assets on behalf of clients, including operations for their receipt, transfer, and accounting.

Previously, Coinbase provided institutional custodial services through Coinbase Custody Trust Company, which is regulated by the New York State Department of Financial Services (NYDFS).

According to the approved business plan, Coinbase intends to gradually transfer this business to the federal trust structure over three years.

The new bank will also be able to provide clients with access to staking, trading, and financial services from other companies within the Coinbase group. However, these products will not be directly provided by the trust bank itself, but by the relevant affiliated organizations.

The License Does Not Turn Coinbase into a Regular Bank

Coinbase National Trust Company will not have the powers of a universal commercial bank. The approved model does not include accepting regular retail deposits, traditional lending, or the direct issuance of stablecoins.

The new entity will operate as a specialized trust bank, with activities limited to asset custody and related operations.

Federal banking oversight does not automatically extend FDIC deposit insurance to clients' digital assets.

The OCC license also does not provide direct access to Federal Reserve System accounts and payment services. A separate review process is required for such access.

OCC Set Capital and Liquidity Requirements

Coinbase's application was submitted in October 2025, and preliminary approval was received on April 2, 2026. Before completing the licensing, the company had to meet the regulator's organizational, financial, and supervisory requirements.

According to the OCC's decision, the new trust bank is required to maintain at least $60 million in Tier 1 capital.

At least 50% of such capital, or $30 million, whichever is greater, must consist of eligible liquid assets.

Additionally, the bank is required to have liquid funds to cover 180 days of operating expenses. The same assets cannot be used to meet both requirements.

These conditions will be in effect for the first three years of operation for Coinbase National Trust Company.